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v3.22.2

Warrant Liability | 6 Months Ended
--- | ---
Jun. 30, 2022
Warrant Liability |
Warrant Liability | 11Warrant Liability As at June 30, 2022 and December 31, 2021 the following warrants were issued but not exercised and therefore recorded as a liability: ​
​ | ​ | ​ | ​ | ​
​ |  | June 30, |  | December 31,
​ | ​ | 2022 | ​ | 2021
​ | ​ | Number | ​ | Number
Public Warrants |  | 15,265,136 |  | 15,265,146
Mudrick Warrants |  | 4,000,000 |  | 4,000,000
MWC Options | ​ | — | ​ | 2,000,000
Outstanding, end of period |  | 19,265,136 |  | 21,265,146
​ Recorded as a liability, the following shows the change in fair value during the period ended June 30, 2022:
​ | ​ | ​
​ |  | £ 000
December 31, 2021 |  | 10,730
Addition/(Disposal) of private placement warrants |  | —
Reclassification of MWC Options to equity |  | (1,010)
Change in fair value |  | (4,373)
Exchange differences on translation | ​ | 840
June 30, 2022 |  | 6,187
​ Each public warrant entitles the registered holder to purchase one share of common stock at a price of $11.50 per share. Once the public warrants become exercisable, the Company may redeem the public warrants at a price of $0.01 per public warrant if the closing price of the common stock equals or exceeds $18.00 per share for any 20 trading days within a 30-trading day period.

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